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Tullow Oil Share News (TLW)
Share News for Tullow Oil (TLW)
| Share Price: 1,025.00 | Bid: 1,025.00 | Ask: 1,027.00 | Change: 0.00 (0.00%) |  | ||||||
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Heritage Oil loses tax dispute in Uganda: report
Thu, 24th Nov 2011 06:45
KAMPALA, Nov 24 (Reuters) - Explorer Heritage Oil has lost a $404 million tax row in Uganda a
The dispute centres on tax claimed by the government on the $1.45 billion Heritage made from the sale of its Ugandan assets to UK-based Tullow Oil last year.
Heritage said its earnings were not subject to tax because the transaction happened outside of Uganda.
'What was abroad were discussions and signing of documents but the income obtained from the sale of the applicant's (Heritage) interest arose from activity based in Uganda,' the Daily Monitor newspaper quoted a tribunal ruling document.
'Hence any income derived from the said activity is liable to taxation in Uganda.'
There was no immediate confirmation from the company or the tribunal.
(Reporting by Elias Biryabarema; Writing by Barry Malone, editing by Miral Fahmy) Keywords: UGANDA OIL/
(+254 706613361)(Reuters Messaging: barry.malone@thomsonreuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2011. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
KAMPALA, Nov 24 (Reuters) - Explorer Heritage Oil has lost a $404 million tax row in Uganda a
fter the east African country's tax authority ruled it was liable to pay a disputed capital gains bill, according to a local media report.
The dispute centres on tax claimed by the government on the $1.45 billion Heritage made from the sale of its Ugandan assets to UK-based Tullow Oil last year.
Heritage said its earnings were not subject to tax because the transaction happened outside of Uganda.
'What was abroad were discussions and signing of documents but the income obtained from the sale of the applicant's (Heritage) interest arose from activity based in Uganda,' the Daily Monitor newspaper quoted a tribunal ruling document.
'Hence any income derived from the said activity is liable to taxation in Uganda.'
There was no immediate confirmation from the company or the tribunal.
(Reporting by Elias Biryabarema; Writing by Barry Malone, editing by Miral Fahmy) Keywords: UGANDA OIL/
(+254 706613361)(Reuters Messaging: barry.malone@thomsonreuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2011. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Lundin Petroleum drills dry well in Norwegian North Sea
OSLO, May 23 (Reuters) - Swedish oil minnow Lundin Petroleum has drilled a dry well in the Norwegian North Sea, north of the Brynhild field, the Norw[Thu 06:35]
UPDATE 1-Chief executives and the itch to quit
By Andrew CallusLONDON, May 16 (Reuters) - On approaching his 60th birthday this year, long-serving Tullow Oil boss Aidan Heavey told staff he felt "l[16 May '13]
Chief executives and the itch to quit
By Andrew CallusLONDON, May 16 (Reuters) - On approaching his 60th birthday this year, long-serving Tullow Oil boss Aidan Heavey told staff he felt "l[16 May '13]
Guyana signs offshore oil exploration deal with Spain's Repsol
GEORGETOWN, May 14 (Reuters) - Guyana's government on Tuesday signed an agreement giving Spanish oil company Repsol rights to explore for crude off t[14 May '13]
Tullow Oil says financials in line
LONDON, May 8 (Reuters) - Tullow Oil said that its financial position for the year to date was in line with expectations, with capital spending set to[8 May '13]
UPDATE 1-Kosmos to invest $400 mln in Ghana oil development in 2013
ACCRA, May 7 (Reuters) - Kosmos Energy will invest $400 million in its Ghana operations in 2013 as part of its commitments to the West African nation'[7 May '13]
Kosmos to invest $400 mln in Ghana oil development in 2013 - CEO
ACCRA, May 7 (Reuters) - Kosmos Energy will invest $400 million in its Ghana operations in 2013 as part of its commitments to the West African nation'[7 May '13]
STOCKS NEWS EUROPE-Bet on BG against Tullow Oil -Central Markets
Central Markets backs betting on further gains in energy group BG while simultaneously betting on falls in rival Tullow Oil as part of a 'pairs trad[24 Apr '13]
